Insider Selling: Erasca (NASDAQ:ERAS) Insider Sells 80,000 Shares of Stock

Erasca, Inc. (NASDAQ:ERAS) insider Ebun Garner sold 80,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $16.40, for a total transaction of $1,312,000.00. Following the sale, the insider directly owned 25,076 shares of the company’s stock, valued at $411,246.40. This represents a 76.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ebun Garner also recently made the following trade(s):

• On Wednesday, January 7th, Ebun Garner sold 120,000 shares of Erasca stock. The stock was sold at an average price of $5.59, for a total transaction of $670,800.00.

Erasca Price Performance

Shares of Erasca stock remained flat at $17.81 during trading on Friday. 5,476,166 shares of the stock traded hands, compared to its average volume of 5,883,758. Erasca, Inc. has a 1-year low of $1.01 and a 1-year high of $18.18. The stock’s 50-day simple moving average is $13.35 and its 200 day simple moving average is $6.87. The stock has a market cap of $5.54 billion, a P/E ratio of -40.48 and a beta of 1.04.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. On average, sell-side analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently modified their holdings of the stock. Spruce Street Capital LP purchased a new position in shares of Erasca during the 4th quarter valued at $14,469,000. Vivo Capital LLC raised its holdings in shares of Erasca by 37.2% during the third quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock worth $20,216,000 after acquiring an additional 2,516,672 shares in the last quarter. State Street Corp boosted its position in Erasca by 53.2% during the fourth quarter. State Street Corp now owns 6,174,642 shares of the company’s stock valued at $22,970,000 after purchasing an additional 2,145,386 shares during the last quarter. Paradigm Biocapital Advisors LP boosted its position in Erasca by 13.9% during the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after purchasing an additional 1,652,835 shares during the last quarter. Finally, VR Adviser LLC grew its stake in Erasca by 10.1% in the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock valued at $22,678,000 after purchasing an additional 1,640,867 shares in the last quarter. Institutional investors and hedge funds own 67.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a report on Thursday, January 22nd. HC Wainwright upped their price target on Erasca from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Citigroup reissued a “buy” rating on shares of Erasca in a research note on Friday, March 13th. Mizuho raised their price objective on Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, March 13th. Finally, JPMorgan Chase & Co. lifted their target price on Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, March 18th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.63.

Erasca Company Profile

Erasca, Inc is a clinical?stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene?driven and immuno?oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.